EQUITIES ARE FUSED WITH NEW ELEMENTS
Shares are no longer common or ordinary. They are toys for bankers to tinker with, just as they have tinkered with debt.
The same creative force that possessed the bond market and stipped and sliced instruments, that fused wholly different elements into synthetic concoctions, is now at play in equities. At the same time, equity issuance is climbing, climbing, climbing.
An explosion of Euro-equity hybrids has tested the limits of financial engineering and opened new avenues for raising capital.
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